Where a Lender has the Income Document Verification widget, you can upload payslips and tax returns to be OCR'd and return the data to Loanapp. This data can then be checked and matched against your applicant's declared employment income. The service only takes a few minutes.
This means you no longer need to provide any further evidence to support applicant Employment Income - no supporting docs required 🤩
Where is the Payroll Verification widget?
The Income Document Verification Widget is found on the Financial Position page of Loanapp, just above the Income section:
How do I trigger the service?
Generally, the service can be triggered whenever you want to (it has no dependencies). Some Lenders may configure dependencies such as requiring another services to be completed beforehand. If there are any such dependencies, you will get an error message when you try to use the service.
Please refer to your specific Lenders' articles to understand how this service is configured in their Loanapp.
Request the Service
To request the service, open the digital widget and click "Request":
A new window will popup, which allows you to upload your documents (eg Payslips). If your lender has rules about how many, or how old, these rules will be visible in the window:
You will be able to select any documents you might have already uploaded to the supporting documents module:
Or if you can upload from your files, or drag and drop:
You will be able to see your uploaded documents. When you have uploaded everything you want to be sent to the service, click Submit:
How long does the service take to OCR the documents?
This will depend on the document type; and how many documents you upload - but the service generally takes 1-2 minutes to return the OCR'd detail.
What is returned by the Service?
When the service has finalised the OCR of your uploaded documents, it will have a "Completed" status:
Click on the ⌄ to expand the widget, which will tell you that a result has been "Provided":
If you click on the "Details" you will get further summary detail of the data that has been extracted from your documents:
How to use this data in your Loanapp
The returned data is not only populated into the Verification widget, but also into your applicant's employment record. You will note that a new section has been added to the employment called "digital income to reconcile":
1. tells you that the Digital Income service is complete
2. is the new "Digital Income to reconcile" (from your service outcome)
3. is the declared employment details that you had previously entered
🤩The Loanapp functionality allows you to match your declared employment details with those that have come back from the Digital service.
If you click on the "Match or add" dropdown, you will have 3 options:
Match the returned data with your declared data
Add the returned data as a NEW item in your income section
Remove (don't accept) the returned data
Match the returned data with your declared data
Where the returned data matches your declared income, you can simply "Match" the returned data and your applicant's income will be deemed verified.
Select the returned record, and click OK.
This will popup the Employment record with the new detail inserted.
You will note:
the "Income used in application" will now say "Digital" and
your returned data is auto-populated into your record, with the note "Used in application". This means this data is now being used in serviceability and other processes.
If you click DONE, the employment modal will close and you will have "Matched" against your employment record.
🤩You can consider that income employment is now confirmed - you will not need to provide any further evidence.
Add Digital Income to Application
This option will ADD digital income results as a NEW employment income record. ie it will not match, it will add.
eg in the following example, I have had a record from Royal Life Saving Society returned as confirmed:
And I select Add Digital Income to application:
This then opens the employment modal - but a NEW record:
If I add all the detail, and select DONE, I will have this Employment Income as a NEW record:
⚠️You should only use Add Digital Income where new income has been returned that you hadn't already added to your application.
Remove (Supporting Documents Required)
Where you select this option, you are choosing to ignore the digitally extracted data (perhaps it is not what you expected, and you can justify different results). If you select this option, the digital results will be removed from your application record.
Where you select this option, and click OK, a popup will appear, where you can add a reason for rejecting the digital income. You can add your comments, then click "Remove":
When the window closes, you will see that the returned data is not reconciled; and has been "removed" from your data record:
